Anacortes Mining Corp CEO Jim Currie joined Stephen Gunnion from Proactive to share news the company has completed their inaugural preliminary economic assessment.
This after the company stated their indicated mineral resources at Tres Cruces are estimated to contain 46.5 million tonnes grading 1.65 grams per tonne (g/t) gold for a total of 2,474,000 ounces of contained gold. Inferred mineral resources are estimated at 2.6 million tonnes grading 1.26 g/t gold for 104,000 ounces of contained gold.
Currie says the PEA shows a pre-tax net present value (NPV) at a 5% discount rate of US$294.3 million, after-tax NPV 5% of US$165.9 million. The IRR is 33% with a 2.1 year payback at US$1,700/oz.
The average gold production will be 68,000 ounces annually over an initial oxide mine life of 7 years. Peak gold production of 81,000 ounces in year two. The intial capex is set at 125 million.